When I see the President's announcement, my Calvinism kicks in, and I'm reminded of a quote, possibly apocryphal, from Calvin Coolidge during a controversy about the repayment of our loans to the Allies in WWI which in turn was dependent on Germany's ability and willingess to pay war reparations: "they hired the money, didn't they"?
The financing of my own college education was in a world long ago and far away, so it's irrelevant to today's issues. (Though it turns out the student loan program started in 1958 as part of our response to Sputnik.)
When I met my wife she was still burdened by her college loans, which she finally paid off.
As I tweeted, I'm in agreement with Kevin Drum's point of yesterday--what about the future: has the loan program been changed/reformed/revamped so that the moral basis for forgiving current loans won't apply in the future? As I said, my inner Calvinism is at play--we need to treat current students and future students equitably, or at least with our eyes wide open that we're being inequitable.
(The last point reminds of the lasting complaint which resulted from the mid-80's changes to Social Security--I forget the details but a small category felt they were treated unfairly.
